Solar Frontier Americas Development, a U.S. solar developer and subsidiary of the world’s largest CIS solar energy solutions provider, Solar Frontier, completed the sale of its Midway I solar project to X-Elio, a global developer and operator of solar plants headquartered in Spain. X-Elio became the solar development vehicle of KKR, a multinational investment firm, in 2015. The 66 MWDC solar power plant is located in Imperial County, a few miles northwest of Calipatria, California.
Solar Frontier Americas has now developed and sold six utility-scale projects totaling 173 MWDC and is continuing to grow its pipeline, which currently exceeds 550 MW of solar projects.
“The addition of such a highlyesteemed, international investor to our customer base is proof that our development capabilities continue to expand and gain recognition,” said Charles Pimentel, CEO of Solar Frontier Americas Development. “X-Elio’s world-class team worked collaboratively with us to complete this transaction.”
The project has been financed by Santander Global Corporate Banking, a division of Santander Bank and Prudential Capital Group under a hybrid debt and fixed rate notes structure that covers the entire contracted period. Tax equity is being provided by U.S. Bancorp Community Development Corporation, a division of U.S. Bank. Still under construction, the project will commence operations in the next months and will supply renewable energy under two power purchase agreements, during a total period of 23 years.
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